Carper: Republican tax bill will 'blow a hole in the deficit'

Monday

Dec 4, 2017 at 5:45 PM

Submitted News

Sen. Tom Carper released a statement after Republicans approved a partisan tax bill that could put a $1.5 trillion hole in the federal deficit over the next 10 years, provide only temporary relief to individual Americans and begin to dismantle the Affordable Care Act.

“For each of the nine years that I’ve served on the Senate Finance Committee, I’ve looked forward to working on tax reform. Many years ago, I had the privilege of working on tax reform legislation as a member of the House of Representatives. In 1986, with President Reagan in the White House, accomplishing tax reform in Congress took years of public hearings, meetings and bipartisan negotiations. That open process and fastidious work reaped bipartisan agreement and long-lasting policy,” Carper said.

“It stands in stark contrast to what we’ve witnessed today. In the 11th hour — with no public hearings, no bipartisan negotiations and not even a semblance of regular order — Republicans garnered the votes needed to pass a bill at any cost. The idea that a permanent and enduring tax reform plan has somehow come to fruition in mere hours makes a mockery of our legislative process. What’s been approved in the Senate today is a wildly partisan and poorly designed bill that is not only riddled with inadvertent errors, but it will also send shockwaves through our entire economy. It’s no surprise that this deeply flawed process has created an equally flawed product,” Carper said.

“President Trump promised Americans an overhaul of our tax system, but he promised us one that would create a simpler tax code, put money back into the pockets of hard working Americans and ensure the wealthiest among us pay their fair share. Sadly, the Senate Republican tax reform bill does nothing to keep those promises,” Carper said. “Today, our Republican colleagues approved a bill that will blow a hole of nearly $1.5 trillion in our federal deficit in order to provide permanent tax cuts to corporations and millions of dollars in tax breaks to the wealthiest Americans. Within 10 years, more than three-quarters of the tax cuts in this bill would go to the wealthiest 5 percent of Americans — nearly two-thirds of the tax breaks would go to the wealthiest one percent. That is shameful.”

“To add insult to injury, it also begins the repealing the Affordable Care Act, causing premiums to skyrocket and 13 million Americans to lose their health insurance over the next decade,” Carper said.

“We can — and, more important, we should — do better than this. It doesn’t have to be this way. There are many areas where Democrats and Republicans could work together to lift families up, keep our businesses competitive and simplify the tax code — from strengthening the child tax credit, to lowering the corporate rate, to doubling the standard deduction. As the Senate heads to conference with the House of Representatives on this so-called tax reform plan, I urge Republicans to abandon their partisanship and work with Democrats to transform this bill into one that is truly fair, fosters broad-based economic growth, simplifies the tax code and doesn’t blow a hole in the deficit,” Carper said.